1.A company is adjusting net income to determine Net cash provided by operating activities for the statement of cash flows. The indirect method is used. Which statement is INCORRECT?
An increase in a current liability is added to net income.
A decrease in a current liability is added to net income.
A decrease in a noncash current asset is added to net income.
An increase in a noncash current asset is subtracted from net income.
2.Zebra Company reports the following figures for the years ending December 31, 2017 and 2016:
Cost of Goods Sold
What are the percentage changes from 2016 to 2017 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%)
37.8%, 10.8%, 162.5%
162.5%, 37.8%, 10.8%
100%, 162.5%, 10.8%
100%, 0.9%, 0.4%
3.The following information pertains to ArizonaArizona